Brent’s exhaustion near rising trend line (red) followed by a break below 5-DMA indicates prices could be heading towards confluence of support at $48.34 (% of May 2015 high-Jan 2016 low + 50-DMA).

A violation there would expose rising trend line (blue) level of $47.30.

On the higher side, prices need to take out $49.05 (rising trend line – red) on daily closing basis as that would add credence to a Monday’s rebound from rising trendline (blue) and open doors for $50.30 (falling trend line resistance).